Differentiate between needs and wants
To put in a simple way, need happens to be something that we can’t do without and very essential. On the other hand, want is more or less about something that you do wish to have. Well, there is a vast difference in between the two and at the same time, it can be said that both these elements do happen to be part and parcel of our life. In order to have a proper view of needs and that of the wants, it becomes essential to have a proper understanding of the two.
For instance, if you are hungry, then you will of course look for a place where you can fill your stomach. It is obvious that without having the food, you will have a tough time. Having food for survival is what can be termed as need. On the other hand, when you have three pair of branded jeans that are perfect and you still look for a way to buy a pair of jeans, then it can be called as a want. Of course, under the prevailing circumstances, when you are required to struggle a lot because of the increasing expenses and that of the decreasing income value.
What about Needs?
At a time, when you are looking to survive and have quite a list to work upon such as a roof over your head, food, clothing, a job to generate substantial income and that of a good health is basically need. Accordingly within your limited means, you have to manage the needs, as per your priorities. However, frugal living is not the solution that you are looking for. To be more precise, you will definitely want a comfortable lifestyle and there are some legitimate wants that you can never avoid at all.
However, in context of fulfilling your needs with that of reckless expenses and going for some expensive items will never help you in the first place. There is a lot to be considered and it is up to you to decide as to what you are looking for.
Wants and what you must expect
In the context of wants, it differs from individual to individual. As a matter of fact, there is a difference in opinion with that of wants, when you show interest in getting a new motorcycle and that of your wife would rather opt for a holiday abroad. To you, the motorcycle is of more importance and that your wife looks forward to the holiday. But then, with the changing priorities, it is also certain that your wants may change from time to time. As for the needs, it remains the same throughout and there is no escaping it.
There is an unlikely chance of having difficulty in differentiating in between that of “desperate need” and “extreme want”. It is here that you have to consider what is important to you. Fulfilling your want is your right but doing so at the expenses of your need is what you have to look for.